FTSE lacks direction as the US election fight continues

FTSE 100 saw a lukewarm start as traders are still uncertain on the US election result. London’s leading index was down only 5 points to 5,900 in early deals.

AVEVA Group PLC () is raising £2.8bn to partly fund the acquisition of data management software firm OSIsoft, agreed in August for £4.2bn. The industrial software provider will issue shares at a 46% discount in a fully committed and underwritten rights issue.

Mr Kipling owner Premier Foods PLC () has agreed to sell its 49% stake in bread maker Hovis to private equity firm Endless for £37mln. The deal ends a bidding war against Italian food producer Newlat Food, the owner of pasta Buitoni.

Bad news for easyJet PLC (), which once again cut its winter capacity so it will only fly 20% of last year’s seats in the quarter to December. The airline also raised US$169mln via a sale and leaseback of aircraft to strengthen its balance sheet.

Among the small caps, European Metals Holdings Limited (LON:EMH) is entering the US markets with two OTC listings. North American investors will have easier access to the miner’s Cinovec project, the largest hard rock lithium deposit in Europe.

Real estate developer Urban&Civic PLC () agreed to a £506mln cash offer by The Wellcome Trust. Shareholders will receive 345p for their shares, a 63% premium to Thursday’s closing price.

Conversely, () confirmed it has received and rejected two approaches from New York hedge fund Standard General. The UK betting technology group believes the offers undervalue its businesses and prospects.